Supreme court dismisses FTIL’s request to stay FMC directive

Supreme Court on Friday declined the plea of Financial Technologies Ltd (FTIL) to stay Forward Markets Commission’s (FMC) ruling that the company was not fit to have stake in any stock exchange and divest its stake in Multi Commodities Exchange (MCX). A bench consisting of Justices Vikramjit Sen and C Nagappan noted that the company’s petition against the order was pending before the Bombay High Court after which Financial Technologies, promoted by Jignesh Shah, withdrew its plea. The apex court, however, issued notice to Sebi on another petition filed by FTIL against the market regulators order directing it to divest some of its stake in the MCX Stock Exchange.

FTIL suffers Rs4.86-crore Q3 loss
Financial Technologies India Ltd (FTIL) on Friday reported a net loss of Rs 4.86 crore for the quarter ended December on lower sales and higher expenses. The company had posted a net profit of Rs 34.47 crore in the year-ago period.